Insurance companies understand digital is the way to go, yet face significant legacy system costs and roadblocks in adapting to changing post pandemic customer behavior. They face 4 key common pain points:
1. Slow product building & speed to market (Configuring and testing a new insurance product takes 6 to 9 months and costs up to 400k-900k USD)
2. High customer acquisition costs by traditional and costly distribution channels (Customers demand transparency and accessibility via online experience)
3. Inefficient paperwork and manual process (Too long customer turnover time)
4. Rigid and siloed legacy systems & high maintenance cost (Struggling to move forward due to integrations are not always an option)
CoverGo focuses purely on insurance technology. We help insurers to address the problems above:
1. Build & launch products faster - No-code, drag-and-drop product builder platform enables insurers to build and launch new products within days/hours, saving 99% of development time and costs, and build products that better fit customers needs with APIs generated automatically.
2. Enable omni-channel distribution - All channels include agent, broker, bancassurance, direct, affinity and embedded, enabling insurers to reach new and existing customers digitally and grow business profitably powered by our APIs driven platform.
3. Seamless digital experience & automation - Digitization and automation of end-to-end quote, bind, issue, policy admin and claims processes to provide best-in-class experience for customers and internal staff, enabling better customer experience and operation costs reduction
4. Integration with any legacy or third party systems - 500+ open insurance APIs for seamless integration with legacy systems and third party systems to create robust ecosystem, enabling quick wins and flexibility by using the platform in parts or in full depending on each clients specific needs